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May 17, 2011
05/11
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ceiling misses the point. of course, the nation should pay its bills. the question is what we will do to bring down future budget deficits? since 2008, the nation's debt burden more than doubled as a share of g.d.p., with much more debt forecast in the coming decade. higher debt burdens will absorb private saving and crowd out productive investment that can raise growth and wages. changing course is not impossible. the period between our victory in world war ii and 1960 saw our national debt fall in half relative to g.d.p. we accomplished this reduction through economic growth and by limiting new government debt, and we can again. we must emphasize pro-growth tax policy, lower discretionary spending, and reduced future growth in social security and medicare spending for more affluent americans. we need to be sealing the debt burden, not arguing about the debt ceiling. i'm glenn hubbard. >> tom: just a reminder, you find us online at n.b.r. on pbs.org. there you can comment on our blog or watch any programs tha
ceiling misses the point. of course, the nation should pay its bills. the question is what we will do to bring down future budget deficits? since 2008, the nation's debt burden more than doubled as a share of g.d.p., with much more debt forecast in the coming decade. higher debt burdens will absorb private saving and crowd out productive investment that can raise growth and wages. changing course is not impossible. the period between our victory in world war ii and 1960 saw our national debt...
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Oct 13, 2013
10/13
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but the debt ceiling proposal will not end the government shutdown. republicans and democrats remain at loggerheads over the 2014 federal budget. >>> question, what made president obama change his position on negotiating with the republicans over the debt ceiling? >> well, because inc. it would have been a catastrophe for the country if they hadn't found some way to begin talking about it, and the country would have reacted in a plague on both your houses. i think that's something he had to avoid if he's going to be president for the next three years. we would have ended up in a real economic catastrophe that would have had reverberations for years and years to come that the united states is no longer good on its money and would no longer be the world's reserve currency. this would have been an absolute disaster for the united states. and i think they both more or less stepped back from the brink, but we're not through this crisis yet. >> what happens if the debt reaches 190% of gdp? >> i think that's big trouble. and that's why you see the republican
but the debt ceiling proposal will not end the government shutdown. republicans and democrats remain at loggerheads over the 2014 federal budget. >>> question, what made president obama change his position on negotiating with the republicans over the debt ceiling? >> well, because inc. it would have been a catastrophe for the country if they hadn't found some way to begin talking about it, and the country would have reacted in a plague on both your houses. i think that's...
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Sep 6, 2017
09/17
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the question is how are we going to get to that point where we pass the debt ceiling increase. by the funding and so forth with the debt ceiling increase, that obviously will bring some more broader support for that measure. >> will it be one of those situations we've seen in the past where we go up to the 11th hour? >> it wouldn't be washington, d.c. if we didn't go up to the 11th hour. i think quite honestly the harvey funding bill and the financial support for harvey victims, that will accelerate that process. i think we're more lik t to get that vote this weekend. >> all right. jeff, thank y so much. jeff bush, with the washington update. >>> washington lt get done to north korea's missile threat. a lot of important issues for investors like do you process. how and where should you focus your attention and what can you afford to pay a little less attention to. mark is president of the jmp securities. he's here now with us to discuss. teed up an awful lot of items on the congressional to do list and north korean issue is looming out there. how do i process all of these infor
the question is how are we going to get to that point where we pass the debt ceiling increase. by the funding and so forth with the debt ceiling increase, that obviously will bring some more broader support for that measure. >> will it be one of those situations we've seen in the past where we go up to the 11th hour? >> it wouldn't be washington, d.c. if we didn't go up to the 11th hour. i think quite honestly the harvey funding bill and the financial support for harvey victims,...
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May 9, 2023
05/23
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clean debt ceiling increase, a start contrast, that they instead believe that in addition to default, long-term debt is a crisis that they believe democrats are not paying enough attention to. they would like -- fact, they insist budget talks be part of this negotiation, complete opposite of the white house. one thing we learned today the two sides appear to agree on is no short-term deal. speaker mccarthy told that to reporters today. that actually is not a great sign because they are running out of time, as you know. mccarthy says just two weeks in his estimation to try to figure out a framework here. >> if house republicans are dug in and there are not 60 votes in the senate to do a clean lift of the debt ceiling, how are democrats aiming to get there? what is the plan? what is the strategy? >> democrats, as you know, cannot really pass it clean debt ceiling increase without republican votes in the senate. that is why they are repeating over and over again that in the past the way this has been done is by a bipartisan vote, that republicans have joined democrats in the past nine t
clean debt ceiling increase, a start contrast, that they instead believe that in addition to default, long-term debt is a crisis that they believe democrats are not paying enough attention to. they would like -- fact, they insist budget talks be part of this negotiation, complete opposite of the white house. one thing we learned today the two sides appear to agree on is no short-term deal. speaker mccarthy told that to reporters today. that actually is not a great sign because they are running...
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Oct 14, 2013
10/13
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it's been in place for a year. >> we also hear a different date on lifting the debt ceiling. what are the politics behind it? why does one side want it to be as early as thanksgiving and another side say why don't we keep it off until the end of 2014? >> well, the midterm elections have a lot to do with that. senate democrats would prefer there's one vote and then you don't hit the debt ceiling again until after the midterms in the fall of 2014. there are a lot of vulnerable senate democrats who are facing either tough challenges or possible problems with their re-election campaigns. it's easier for them to not have to take this vote again. i don't actually understand why anyone would want to take this vote more than once other than the fact that they're trying to get some concessions, both sides are trying to get concessions from the other side, whether that's spending or taxes or the president's health care law. any of those items. so right now the big sticking point is does this happen in a few weeks? does it happen in january? does it happen in a year and a month? that re
it's been in place for a year. >> we also hear a different date on lifting the debt ceiling. what are the politics behind it? why does one side want it to be as early as thanksgiving and another side say why don't we keep it off until the end of 2014? >> well, the midterm elections have a lot to do with that. senate democrats would prefer there's one vote and then you don't hit the debt ceiling again until after the midterms in the fall of 2014. there are a lot of vulnerable senate...
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Oct 3, 2013
10/13
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ceiling discussions and the discount rate on the one-month t bill, seven basis points. certainly the markets collectively not putting a lot of pressure on washington to act. i think the president wishes that were not the case. >> jeff, do you think things will be different tomorrow? up until now the attitude is long term everything will be okay. do you think investors will react differently after hearing what the president said today? >> well, i think every day we go on, no matter what the president or other lawmakers say, i think we will get more pressure from the markets on washington to act. i mean, there is a gravitational pull, the longer this goes on particularly the closer to october 17th. yes, i think tonight maybe there is hope later today as stocks rally and there might be breakthrough and the president might offer concessions and that clearly was not the case so markets may pull back. remember, investors have been trained not to sell stocks in short term uncertainty. we saw it with the fiscal cliff tax increases, sequester, lots of things and stocks continue
ceiling discussions and the discount rate on the one-month t bill, seven basis points. certainly the markets collectively not putting a lot of pressure on washington to act. i think the president wishes that were not the case. >> jeff, do you think things will be different tomorrow? up until now the attitude is long term everything will be okay. do you think investors will react differently after hearing what the president said today? >> well, i think every day we go on, no matter...
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Sep 7, 2017
09/17
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and one other important point about how the debt ceiling works, when exactly do we hit it? how do we know? this gets me to one of my favorite debt ceiling facts. the national debt is tracked every day, to the penny, by a small group of treasury workers in parkersburg, west virginia. those workers in west virginia,. when we hit the debt ceiling have a tricky job-- they move things around to keep us under the debt limit, holding off on some investments, waiting to issue some internal debt. these are called extraordinary measures. sometimes treasury can keep the u.s. hovering right at the debt limit for many months using this fiscal slight of hand. but, of course, it is just a delay tactic, until congress and the president agree to push up the debt limit again. one conclusion: we have a new inevitable: to death and taxes now add the u.s. continually bumping up against its debt ceiling. for the pbs newshour, i'm lisa desjardins. >> woodruff: stay with us, coming up on the newshour: can the next generation of american tennis players put their country back on top? and a brief but
and one other important point about how the debt ceiling works, when exactly do we hit it? how do we know? this gets me to one of my favorite debt ceiling facts. the national debt is tracked every day, to the penny, by a small group of treasury workers in parkersburg, west virginia. those workers in west virginia,. when we hit the debt ceiling have a tricky job-- they move things around to keep us under the debt limit, holding off on some investments, waiting to issue some internal debt. these...
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May 18, 2023
05/23
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the democrats want a raise in this $32 trillion debt ceiling without any conditions on the republicans won a bunch of conditions, so for example with the republicans want extra work requirements on some of those public assistance programs and things like food stamps and things like medicaid something that joe biden said is a bit of a redline for him and they want to pull back some of the cid spending they say has gone unspent and use that and also potential budget caps on some spending comes that there is a lot to discuss yet but both sides know that the stakes are high in time is running out. anchor: yeah, only a few weeks to go here. one person who would not be in the rumba could have an impact is former president donald trump. we heard him say during that televised town hall that republican should let the nation default if biden will not agree to spending cuts. our republicans listening to that message? gary o'donoghue: i thinsome we'll and there are some hard-core people in the house in particular who would take that as a sign that they can hold up further. rget on the allowed kevi
the democrats want a raise in this $32 trillion debt ceiling without any conditions on the republicans won a bunch of conditions, so for example with the republicans want extra work requirements on some of those public assistance programs and things like food stamps and things like medicaid something that joe biden said is a bit of a redline for him and they want to pull back some of the cid spending they say has gone unspent and use that and also potential budget caps on some spending comes...
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Oct 8, 2013
10/13
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>> i kind of don't on the debt ceiling i done think he's going to negotiate. and i think what the complication that happened here over the previous three months were most republicans were saying things that were along the lines of what marty said there, of let's make this about the size of government spending or let's try to turn it to be about entitlements. and then there was a deliberate effort to steer the truck on to the side road which is let's make this all a fight about forcing the president to give up obamacare or to delay obama care for a year. will not do that. that will not work. and they perceive quite correctly that if you had a one-year delay in obamacare than in 1 year we'll be in the same fight and they'll say let's delay obamacare for another year. so they view this as let's have the fight now. 's going to just keep having this fight over and over, let's have it about this. and i think now we're going to have a hard time trying to put if back on to, well, let's make it about the size of the budget or about enfight elments. >> rose: i-- you hav
>> i kind of don't on the debt ceiling i done think he's going to negotiate. and i think what the complication that happened here over the previous three months were most republicans were saying things that were along the lines of what marty said there, of let's make this about the size of government spending or let's try to turn it to be about entitlements. and then there was a deliberate effort to steer the truck on to the side road which is let's make this all a fight about forcing the...
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Jul 25, 2011
07/11
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not all about reaching a short-term solution, getting the debt ceiling raised, and then working out the budget deficit? is that the way forward now? >> president obama says and continues to say that he is adamantly opposed to a short- term solution. however, if it were to be part of a broader grand bargain, maybe something that increases revenues of it, it is possible that kind of thing could still come to fruition. it does not seem like a plan that republicans are pushing. it is two-track. republicans would allow a run of the debt ceiling and then have a second part, a congressional study to see how to make the cuts permanent. it is still a work in progress. >> lots of europeans are struggling with their own debt crisis and have also introduced some unpopular measures. the americans cannot do the same. why not? >> in looking at countries like greece, it is a different sort of economy. the problems there are much more structural. in the u.s. is political. the reason why we do not have an agreement on the debt ceiling is because politicians have not come together in the way they have
not all about reaching a short-term solution, getting the debt ceiling raised, and then working out the budget deficit? is that the way forward now? >> president obama says and continues to say that he is adamantly opposed to a short- term solution. however, if it were to be part of a broader grand bargain, maybe something that increases revenues of it, it is possible that kind of thing could still come to fruition. it does not seem like a plan that republicans are pushing. it is...
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Jan 10, 2013
01/13
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the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a dec
the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to...
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Oct 1, 2011
10/11
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ceiling. the yield on the ten-year government note dropped to dropped to a post-world war two low around 1.7% at one point. as yields drop, prices rise. up until the last two weeks, gold was, well, golden. it began the quarter around $1,500 an ounce, shot up to $1,900 over worries about europe and the u.s. economy slowing. but ends the quarter around $1,625 an ounce. and u.s. light sweet crude oil saw its biggest quarterly drop since the financial crisis. from the mid-'90s down to below $80 a barrel tonight. >> susie: billionaire investor warren buffett was busy investing in the third quarter. he told me today that he bought $4 billion worth of stocks in the past three months. buffett came here to the new york stock exchange to ring the opening bell with business wire c.e.o. cathy tamraz. they were celebrating the 50th anniversary of the news wire service owned by buffett's berkshire hathaway conglomerate. as buffett mingled on the floor with traders, stocks were falling, but the oracle of oma
ceiling. the yield on the ten-year government note dropped to dropped to a post-world war two low around 1.7% at one point. as yields drop, prices rise. up until the last two weeks, gold was, well, golden. it began the quarter around $1,500 an ounce, shot up to $1,900 over worries about europe and the u.s. economy slowing. but ends the quarter around $1,625 an ounce. and u.s. light sweet crude oil saw its biggest quarterly drop since the financial crisis. from the mid-'90s down to below $80 a...
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Dec 5, 2012
12/12
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there are two points, the funding of government and the debt ceiling and i would agree with you, that it's unfortunate that a 11 reg point like that has to be used. we should sit down to solve the problem. but the it's the only thing thus far that produced results -- we got the budget control act last time-- to really take our nation towards solvency. i would agree with you. i wish we could sit down and self-solve it. i think there is a majority in the hous house and senate that t to do that, but the only two negotiators that matter right now are the president and speaker boehner. and as i mentioned before-- again, i understand there are two sides of this tale-- the president is really not yet offering the kind of reforms that would make these programs solvent for the long haul so we're trying to think how do we get there. so very healthy discussion today. i'm enthused about today, and i hope we'll resolve this over the course of the next several weeks. >> woodruff: senator bob cork ethank you very much. >> thank you. >> woodruff: we will have more perspectives in the coming days. >>
there are two points, the funding of government and the debt ceiling and i would agree with you, that it's unfortunate that a 11 reg point like that has to be used. we should sit down to solve the problem. but the it's the only thing thus far that produced results -- we got the budget control act last time-- to really take our nation towards solvency. i would agree with you. i wish we could sit down and self-solve it. i think there is a majority in the hous house and senate that t to do that,...
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Jan 24, 2013
01/13
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also powering the rally, news that washington lawmakers passed a short term debt ceiling deal. the u.s. house of representatives gave the okay to a republican plan to suspend the debt limit until may 19. democrats in the senate now say they'll pass it too. darren gersh reports. >> reporter: the debt ceiling suspension came with a couple strings attached. if senate democrats don't pass a budget-- something they haven't done for four years-- members of congress won't get paid until they do. >> this bill simply says, "congress, do your job." when i grew up in wisconsin, if you had a job and you did the work, then you got paid. if you didn't do the work, you didn't get paid. it's that simple. >> house democrats called the pay ploy a gimmick and said a 90 day reprieve from default simply moves the crisis back. >> for the last two years, we've heard from our republican colleagues economic uncertainty is bad for the economy. guess what? it is. and yet that's exactly what you are doing. another big dose of economic uncertainty. >> reporter: republicans shifted gears on the debt ceiling
also powering the rally, news that washington lawmakers passed a short term debt ceiling deal. the u.s. house of representatives gave the okay to a republican plan to suspend the debt limit until may 19. democrats in the senate now say they'll pass it too. darren gersh reports. >> reporter: the debt ceiling suspension came with a couple strings attached. if senate democrats don't pass a budget-- something they haven't done for four years-- members of congress won't get paid until they do....
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Mar 1, 2013
03/13
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when we were talking about the debt ceiling, there was a real urgency, because if we got to the point where you literally can't pay the bills, that's a very big deal. in this case, we'll see cuts, i mean depending on exactly how the obama administration runs things, we may not see anything at all march first. >> reporter: well, not tl
when we were talking about the debt ceiling, there was a real urgency, because if we got to the point where you literally can't pay the bills, that's a very big deal. in this case, we'll see cuts, i mean depending on exactly how the obama administration runs things, we may not see anything at all march first. >> reporter: well, not tl
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Oct 8, 2013
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ceiling. he and house speaker boehner did get together by phone this morning but reportedly mostly exchanged talking points. shortly after mr. obama spoke this afternoon, boehner came before the cameras with his answer: the president's position he said, is unsustainable. >> the long and short of it is there's going to be a negotiation here. we can't raise the debt ceiling without doing something about what's driving us to borrow more money and to live beyond our means. the idea that we should continue to spend money that we don't have and give the bill to our kids and our grand kids would be wrong. what the president said today was if there's unconditional surrender by republicans he'll sit down and talk to us. that's not the way our government works. >> holman: meanwhile, house republicans say they'll call for a special bipartisan committee work out fiscal issues and end the impasse. a similar group in 2011 tried and failed to reach an agreement on deficit reduction and the president today re
ceiling. he and house speaker boehner did get together by phone this morning but reportedly mostly exchanged talking points. shortly after mr. obama spoke this afternoon, boehner came before the cameras with his answer: the president's position he said, is unsustainable. >> the long and short of it is there's going to be a negotiation here. we can't raise the debt ceiling without doing something about what's driving us to borrow more money and to live beyond our means. the idea that we...
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Aug 18, 2011
08/11
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it was a key stick point in the recent debate overi the debt ceiling, further discored will continue as a 12-member congressional committee look for revenue increases and spending cuts. on monday the billionaire investor weighed in the op ed and "new york times" called for increased taxesf the super rich. president obama reacted to mr. buffet's opinion that day. >> warren buffett had an op ed where he said we've got to stop coddling billionaires like me. [applbe&e] that's what warren buffettÑi sa. he pointed out that heçó pays a lower tax rate than anybody in his office, including the secretary. he figured out that his tax bill, he paid about 17%. and the reason is because most of his wealth comesrom pital gains. you don't get those tax breaks. you're paying more than that. now i may be wrong but i thinkçi you're a little less wealthy than warren buett. that's a guess. the point is if we're willing to do something in a balced way, making some some tough choicesn terms of revue cuts and some folks who have done very well even in a tough economy, weÑi cn get control of our debt an
it was a key stick point in the recent debate overi the debt ceiling, further discored will continue as a 12-member congressional committee look for revenue increases and spending cuts. on monday the billionaire investor weighed in the op ed and "new york times" called for increased taxesf the super rich. president obama reacted to mr. buffet's opinion that day. >> warren buffett had an op ed where he said we've got to stop coddling billionaires like me. [applbe&e] that's...
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May 10, 2011
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underneath raising the debt ceiling is the imperative to back away from a financial armageddon and toward a future of faster job growth, less federal debt and a more secure safety net. nothing is more important defeating the debt threat, but there need to be ground rules for the debate. my kind of rules. the house passed a budget that contained pro-growth tax reform, preserved medicare and medicaid, and moved us from borrowing $58,000 every second to being free of federal debt in 2050. jobs, less debt and a more secure safety net. the house budget has been demonized as an attack on seniors and the poor, but opponents-- led by the president and nancy pelosi-- have decided to offer no plan. no jobs, more debt a broken safety net. that cannot be part of the debate. if you don't like the house budget, let's see your plan. but play by the rules. jobs, less debt and a secure safety net. i'm doug holtz-eakin. >> susie: and finally tonight, with tongue firmly in cheek there's a new study out showing babies are remarkably similar to c.e.o.s! for example, both think the world revolves around them.
underneath raising the debt ceiling is the imperative to back away from a financial armageddon and toward a future of faster job growth, less federal debt and a more secure safety net. nothing is more important defeating the debt threat, but there need to be ground rules for the debate. my kind of rules. the house passed a budget that contained pro-growth tax reform, preserved medicare and medicaid, and moved us from borrowing $58,000 every second to being free of federal debt in 2050. jobs,...
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Oct 9, 2021
10/21
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to be able to raise the debt ceiling. and mcconnell came to the table because he knew two key senators and potential negotiations, especially joe mansion and -- manchin and sinema, they don't want to come to the table. he tried to talk to democrats and said we will try to provide those dust -- 10 crucial voices. it was many hours of trying to get those votes. we did see it happen but there was anger. >> there was. will mitch mcconnell face any consequences? these are people like to chris, lindsey graham angry that republicans -- like ted cruz, lindsey graham angry. marianna: republicans will not be there to raise the debt limit next time so democrats will have to go it alone even though they are saying they don't want to do that. they do think republicans are going to blink again. >> eamon, you are on this show because as soon as i heard about the debt limit i said where is he? what do you make of mitch mcconnell's decision, how much business leaders warning about the dangers play into that and how does this relate to peo
to be able to raise the debt ceiling. and mcconnell came to the table because he knew two key senators and potential negotiations, especially joe mansion and -- manchin and sinema, they don't want to come to the table. he tried to talk to democrats and said we will try to provide those dust -- 10 crucial voices. it was many hours of trying to get those votes. we did see it happen but there was anger. >> there was. will mitch mcconnell face any consequences? these are people like to chris,...
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May 10, 2023
05/23
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ceiling. they have to come to an agreement of -- at some point. june is the deadline, and if they don't meet it, the u.s. will default for the first time and it would be economically catastrophic. christ this out quite entrenched, how much power does kevin mccarthy actually have when it comes to these negotiatns -- they do sound quite entrenched, how much power does kevin mccarthy actually have? >> he does have a slim majority, you remember it took a long time for him to become the speaker because there were members of his own republican party who do not like it very much. they don't trust them. some of them still don't. they don't exit want him to make a deal. they would see it as of the. it's a tricky tightrope polls suggest that if america does revolt -- default, they wouldn't necessarily play -- blame president biden, there are polls that suggest the blame the republican. and president biden has said as one of his central messages that the republican party are a party of extremists who don
ceiling. they have to come to an agreement of -- at some point. june is the deadline, and if they don't meet it, the u.s. will default for the first time and it would be economically catastrophic. christ this out quite entrenched, how much power does kevin mccarthy actually have when it comes to these negotiatns -- they do sound quite entrenched, how much power does kevin mccarthy actually have? >> he does have a slim majority, you remember it took a long time for him to become the...
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May 16, 2023
05/23
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there are still a few sticking points here, such as how long they should raise the debt ceiling for, what spending cuts they should make, and when they come to an agreement, it will probably take a week for it to get through congress. and of course, as you were saying earlier, time is ticking. >> we are likely to hear more about that quite soon. thank you so much for bringing the latest on that. that's look at ukraine now. it's supreme court has dismissed its top judge. he was arrested earlier as part of a corruption inquiry for taking multi-million-dollar bribes allegedly. ukraine is under pressure to tackle corruption, as a requirement for joining the european union. meanwhile, when it comes to th war, ukrainian officials praised their antimissile defense system. overnight, it blocked an intern's barrage of russian rockets over kyiv. they say the system shutdown six advanced russian hypersonic missiles, which president putin has claimed are unstoppable. take a look. this is showing kyiv's air defenses in action. art explosions were heard and three people were injured by the debris.
there are still a few sticking points here, such as how long they should raise the debt ceiling for, what spending cuts they should make, and when they come to an agreement, it will probably take a week for it to get through congress. and of course, as you were saying earlier, time is ticking. >> we are likely to hear more about that quite soon. thank you so much for bringing the latest on that. that's look at ukraine now. it's supreme court has dismissed its top judge. he was arrested...
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Feb 14, 2012
02/12
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they were put in place after the debt ceiling agreement last summer. former senate republican budget staffer william hoagland says the president is offering a deal that has been rejected before. >> because republicans have made the clear point that they want spending reductions not tax increases and his proposal is tax increases versus spending cuts. >> reporter: there is one presidential budget request that's likely to be granted this year. >> congress needs to pass an extension of the payroll tax cut and unemployment insurance without drama, and without delay. >> reporter: the bigger drama will come later. the president worked hard last summer to avoid the first-ever national default. that deal was supposed to last into 2013. >> you remember the wonderful debt limit debate we went through last year? it would appear to me that according to their own numbers, we could be very, very close to hitting that statutory debt limit again at the end of this year or definitely early in january of 2013. >> reporter: so this year, it's likely all the budget issues
they were put in place after the debt ceiling agreement last summer. former senate republican budget staffer william hoagland says the president is offering a deal that has been rejected before. >> because republicans have made the clear point that they want spending reductions not tax increases and his proposal is tax increases versus spending cuts. >> reporter: there is one presidential budget request that's likely to be granted this year. >> congress needs to pass an...
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the debate over the debt ceiling can also be seen as the blame game. there is a lot of finger- pointing, but still no deal. jared bernstein is a senior fellow at the center on budget and policy priorities and former chief economist to vice president joe biden. >> the last time i offered a commentary here, about a month ago, i began by observing that the current debate over economic policy is generating a lot more heat than light. since then, its gotten much hotter and a lot darker. if congress fails to raise the debt ceiling by august 2, just a few days from now, we could end up taking an economic hit as devastating as it is avoidable. thats right-- this wound will be self-inflicted. how did it come to this? the answer is politics, and its an ugly, destabilizing politics of a type we haven't seen in this country for many years. ask yourself, are house republicans refusing to countenance any budget deal that includes tax revenues from closing a tax break for buyers of private jets because they think it's bad economics? or is it because almost every one
the debate over the debt ceiling can also be seen as the blame game. there is a lot of finger- pointing, but still no deal. jared bernstein is a senior fellow at the center on budget and policy priorities and former chief economist to vice president joe biden. >> the last time i offered a commentary here, about a month ago, i began by observing that the current debate over economic policy is generating a lot more heat than light. since then, its gotten much hotter and a lot darker. if...
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toss this into next year when we have a debt ceiling coming up and we'll have pressure to get the spending cuts we want. other people say no way i won't vote for rates under in any circumstances. it's all over the map and lawmakers don't have a lot of information about the state of these negotiations. >> woodruff: at this point are the staffs even talking to each other? >> the staffs we are told are continuing to talk. but they don't have much time. if they want to do a big bipartisan deal that has all these moving parts in it, they need to start selling it to lawmakers by the end of this week. >> woodruff: what are they saying in these meetings? they're talking about neither side... i mean, there must be... is there any scenario presenting or... what do you hear? >> that's an excellent yes. i wish i could answer it for you. but what we are told is that, you know, i mean, they've got a numbers problem to solve too. boehner offered $800 billion over ten years. the white house wants $1.6 trillion. they have to meet on the numbers somewhere. at this point boehner's office is saying they have
toss this into next year when we have a debt ceiling coming up and we'll have pressure to get the spending cuts we want. other people say no way i won't vote for rates under in any circumstances. it's all over the map and lawmakers don't have a lot of information about the state of these negotiations. >> woodruff: at this point are the staffs even talking to each other? >> the staffs we are told are continuing to talk. but they don't have much time. if they want to do a big...
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: when it comes to the recovery and the debt ceiling debate, ben bernanke is keeping all his options open. darren gersh reports. >> reporter: in fed speak, chairman ben bernanke took a more "symmetric" view today. that means the central bank's next move could be to tighten up, nudging interest rates higher. or it could be to loosen up, nudging rates lower. and that could mean renewing large-scale purchases of bonds known as quantitative easing. >> i think we have to keep all options on the table. we don't know where the economy is going to go, and if we get to a point where we're like the economy recovery is faltering and were looking at inflation dropping down toward zero, or something where inflation issues are not relevant, then we have to look at all the options. >> reporter: bernanke laid out many options the fed could take. one? making clear just how long it intends to keep interest rates at current low levels. two? launching a new round of bond buying, dubbed qe3. or three? lowering the interest rates it pays on bank reserves, a move that could push short-term interest rates d
: when it comes to the recovery and the debt ceiling debate, ben bernanke is keeping all his options open. darren gersh reports. >> reporter: in fed speak, chairman ben bernanke took a more "symmetric" view today. that means the central bank's next move could be to tighten up, nudging interest rates higher. or it could be to loosen up, nudging rates lower. and that could mean renewing large-scale purchases of bonds known as quantitative easing. >> i think we have to keep...
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to your point, my biggest fear is the debt ceiling. the only thing we can hope is kevin mccarthy would have enough that's and fortitude to go to leader jeffries and say i need 212 of your people to vote for raising the debt limit and i will bring six and we can take care of this. but if he does that, he is done. amna: do you see that happening? david: i think the main threat for any mainstream conservative republican is the 20 on the right. the threat is not a bunch of moderate democrats. jonathan: right. david: if i was mccarthy and this would be a political ender, i would just go to 40 democrats and say what you want? it seems unrealistic but a bunch of states right now are doing that, were they have an independent speaker, they've had leaders in the state legislatures not of the ruling party, they have cut deals, bipartisan deals. it's plausible in a universe other than our own. [laughter] amna: there's a bipartisan model we can point to this week, pretty dramatic split screen to see president biden and mitch mcconnell standing befo
to your point, my biggest fear is the debt ceiling. the only thing we can hope is kevin mccarthy would have enough that's and fortitude to go to leader jeffries and say i need 212 of your people to vote for raising the debt limit and i will bring six and we can take care of this. but if he does that, he is done. amna: do you see that happening? david: i think the main threat for any mainstream conservative republican is the 20 on the right. the threat is not a bunch of moderate democrats....
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frankly, there should not where a debt ceiling. it's a silly an akronism that is only used by politician but to play -- to get this close to it to play to the point where there is a -- something close to a 50-50 possibility that we'll default is -- this is where the president does have the high ground. much more so than on the shutdown and i can't -- going back to what chuck said before, i can't quite understand john boehner here. there have been so many different john boehners it depends on the day of the week. he obviously is feeling tremendous pressure. i suspect he hates his job. and he probably realizes that okay if they do kick the can down the road for six or eight weeks, as chuck said earlier, what do you kick the a k down the road to do? the same problems that existed going back to that that supercommittee of two years ago. there's no deal to be had will there. republicans won't -- will only accept a deal that just involves entitlements and democrats say no way they'll do that and don't forget you have congressional democr
frankly, there should not where a debt ceiling. it's a silly an akronism that is only used by politician but to play -- to get this close to it to play to the point where there is a -- something close to a 50-50 possibility that we'll default is -- this is where the president does have the high ground. much more so than on the shutdown and i can't -- going back to what chuck said before, i can't quite understand john boehner here. there have been so many different john boehners it depends on...
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in exchange, republicans would try to lift the $14 trillion debt ceiling. changes to medicare, medicaid and taxes would be put off until after next year's elections, according to "the wall street journal." >> tom: at its worst point today, the dow industrials fell more than 200 points. in the course of 20 minutes last may 6, the dow plunged more than 700 points. it was the biggest and fastest fall in the history of the dow. it was the "flash crash." >> for several minutes one year ago tomorrow it appeared the dow and dozens of stocks were in a freefall, prices plummeted. in the case-of-philip morris its share price fell from 49 dollars to 17 dollars, accenture to a penny a share. at one point the dow was down is,000 points. bit time the closing bell rang the index had fall enonly 348 points in. months following the flash crash account sec launched an investigation concluding worries about your pooen debt, fewer buy-- buyers and sellers a a huge stock index sell order hit the market can. one year later can it happen again? we spoke with robert engle, a membe
in exchange, republicans would try to lift the $14 trillion debt ceiling. changes to medicare, medicaid and taxes would be put off until after next year's elections, according to "the wall street journal." >> tom: at its worst point today, the dow industrials fell more than 200 points. in the course of 20 minutes last may 6, the dow plunged more than 700 points. it was the biggest and fastest fall in the history of the dow. it was the "flash crash." >> for...
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. >>> dancing on the debt ceiling. a government shutdown may likely be averted but a much larger issue is still looming in washington. >>> new way to pay. what consumers need to know about the more secure credit cards that go into effect later this week. all that and more tonight on "nightly business report" for monday september 28th. good evening, everyone. i'm sue herera. tyler mathisen is off tonight. a rough start to this week. the major indices were dragged south by concerns over global growth, especially in china. that pressured commodity prices further, a trend that is starting to take a toll on a number of recognizable companies. by the close the dow jones industrial average dropped 312 points to 16,001. the s&p declined by 49 points falling below 1,900. and the nasdaq took the biggest hit, down 3%. the main drag on the nasdaq was the biotech sector. the biotech etf fell more than 6%, putting it in bear market territory. as for oil, domestic crude was off nearly 3%. mary thompson has more on the sell-off from t
. >>> dancing on the debt ceiling. a government shutdown may likely be averted but a much larger issue is still looming in washington. >>> new way to pay. what consumers need to know about the more secure credit cards that go into effect later this week. all that and more tonight on "nightly business report" for monday september 28th. good evening, everyone. i'm sue herera. tyler mathisen is off tonight. a rough start to this week. the major indices were dragged...
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the rebellion focuses on budget compromises in the debt ceiling deal. and on wall street, the dow jones industrial average gained 168 points to close at 33,833. the nasdaq rose 133 points, or 1%. the s&p 500 added 26 points and entered bull market territory, 20% above its low last fall. still to come on the "newshour," the u.s. supreme court forces alabama to redraw congressional districts that advocates say discriminate against black voters. we look at the cultural and political influence of the late christian oadcaster pat robertson. and legeary broadway composer john kander on his latest musical that's a love letter to new york. >> this is the "pbs newshour" om weta studios in washington and in the west from the walter cronkite school of journalism at arizona state university. stephanie: a heavy pall of polluted air still blankets much of the eastern u.s. tonight. it may not dissipate for days, as fires in canada send vast curtains of smoke drifting south. the bad air has officials worried about public health and it is also scrambling schedules, from
the rebellion focuses on budget compromises in the debt ceiling deal. and on wall street, the dow jones industrial average gained 168 points to close at 33,833. the nasdaq rose 133 points, or 1%. the s&p 500 added 26 points and entered bull market territory, 20% above its low last fall. still to come on the "newshour," the u.s. supreme court forces alabama to redraw congressional districts that advocates say discriminate against black voters. we look at the cultural and political...
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Dec 13, 2023
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lisa: the big negotiations on the hill, think about that affordable care act, the debt ceiling, that is what is happening now. republicans are not changing their position. they point to the border and save the apprehensions, the border numbers, they feel like they are in the right and they have the momentum because president biden has said he is willing to make concessions. you bring all that down and you look at what exactly republicans are asking. that is where we have issues with democrats. three things they are asking for , first on asylum, republicans would like to block most, many at least, asylum-seekers from entering the country especially those from south and central america. they would like to make expedited removal a national program, meaning some immigration officers could challenge almost anyone in the country and if they felt like they were undocumented they could expedite removal. they would like to limit different types of parole including humanitarian parole. some of those programs, democrats think could be adjusted but they are worried what republicans are proposing
lisa: the big negotiations on the hill, think about that affordable care act, the debt ceiling, that is what is happening now. republicans are not changing their position. they point to the border and save the apprehensions, the border numbers, they feel like they are in the right and they have the momentum because president biden has said he is willing to make concessions. you bring all that down and you look at what exactly republicans are asking. that is where we have issues with democrats....